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Using the broken window fallacy as described in “In The News” (p. 14 of Principles of Microeconomics), explain why some journalists, policy makers, and others proclaim that natural disasters are good for the economy in terms of eliminating old infrastructure and helping to create jobs. Do you agree or disagree? Provide specific examples to support your answers.
If the short run marginal and average variable cost curves for a competitve firm are given by: How many units of output will it produce at a market price of 0 ? At what level of fixed cost will this firm earn zero economic profit?
The inverse demand for health care services is P = 500 - 40 Q where P is the price and Q the quantity of health care. The price of services is $100 but insurance covers 80% of it. What is the efficient quantity of health care? What is the DWL when pe..
Consider a labor market where the demand for a particular category of labor is given by the equation LD = 20 – 2W. Suppose that the supply curve of workers in this market who are also native-born citizens is given by LN = 2W, while the supply curve o..
Suppose that a country's workers are universally protected by COLA's and an adverse SAS shock, occurs. After wage and price adjustments, ceteris paribus, we find
q.assume a consumer has 600 to spend on two goods good x as well as good y. the cost of good x is given by px 20. the
what will happen to the value of the dollar? Use the demand-supply model of the dollar to explain. sales of luxury cars will decrease.
Suppose the following equations represent the demand and supply of a good: Qd = 400- 2P Qs = -50 + P Find the inverse demand-supply equations. Graph both the original and inverse demand-supply equations and highlight their differences (slope, interce..
Suppose that doctors' visits cost $20, and the typical consumer has an income of $100. Consumers spend all of their incomes on doctors' visits and a "composite good" that costs $1 per unit. Draw the new budget constraint the consumer faces under plan..
Consider the following system of simulataneous equation system in “supply and demand form”: y1 = γ1 + α2 y2 + β1z1 + u1 y2 = γ2 + α1 y1 + β2z2 + u2 (i) Is the above system identified? Show this using the order-condition for identification.
A perfectly competitive firm sells 50,000 units of knives at a price of $3. The firm's average cost at 50,000 units is $2.75. Calculate the firm's profit. Please verify answer twice before sending back to me the steps. I want to make sure I have the ..
Evaluate the role played by Howard Schultz in the growth and success of Starbucks. Is the company in danger of relying too heavily on Mr. Schultz?
Inflation is forecasted to remain consistent with its target over the next 1-2 years. Inflation arises when:
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